Macerich (NYSE:MAC) Stock Rating Upgraded by JPMorgan Chase & Co.

Macerich (NYSE:MAC) was upgraded by equities researchers at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Wednesday, Marketbeat reports. The firm presently has a $25.00 target price on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 5.34% from the stock’s previous close.

A number of other research firms also recently weighed in on MAC. Deutsche Bank Aktiengesellschaft upgraded shares of Macerich from a “hold” rating to a “buy” rating and lifted their price target for the stock from $20.00 to $27.00 in a research note on Tuesday, June 2nd. The Goldman Sachs Group lifted their price target on shares of Macerich from $17.00 to $19.00 and gave the stock a “sell” rating in a research note on Friday, May 15th. Wall Street Zen downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. LADENBURG THALM/SH SH lifted their price target on shares of Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Weiss Ratings upgraded shares of Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.54.

Macerich Trading Down 5.4%

Shares of Macerich stock opened at $23.73 on Wednesday. Macerich has a 1 year low of $15.48 and a 1 year high of $25.72. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The company’s fifty day simple moving average is $22.22 and its 200-day simple moving average is $19.97. The company has a market cap of $6.20 billion, a price-to-earnings ratio of -33.43, a PEG ratio of 1.69 and a beta of 2.10.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm had revenue of $241.54 million for the quarter, compared to the consensus estimate of $233.06 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. As a group, sell-side analysts expect that Macerich will post 1.48 EPS for the current year.

Institutional Investors Weigh In On Macerich

Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of Macerich by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock valued at $209,692,000 after buying an additional 4,868,844 shares during the last quarter. Centersquare Investment Management LLC raised its holdings in shares of Macerich by 149.6% in the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after buying an additional 3,808,336 shares during the last quarter. Norges Bank bought a new position in shares of Macerich in the fourth quarter valued at about $66,924,000. Resolution Capital Ltd raised its holdings in shares of Macerich by 204.0% in the first quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock valued at $82,861,000 after buying an additional 2,941,909 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Macerich by 139.8% in the fourth quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock valued at $67,855,000 after buying an additional 2,142,737 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.